Hong Kong’s International Entertainment secures Pagcor license, puts $1.2 billion bet on Manila resort

Hong Kong-listed International Entertainment Corp. is investing up to $1.2 billion for the development and operation of an integrated resort in Manila.

This move comes following the company’s successful acquisition of a provisional license from the Philippine Amusement and Gaming Corp. (Pagcor).

In a regulatory filing, International Entertainment disclosed that two of its subsidiaries based in the Philippines, namely Marina Square Properties and New Coast Leisure Inc., have been granted a provisional license by Pagcor.

This license empowers them to establish and operate a casino, as well as develop an integrated resort within the bustling city of Manila.

International Entertainment said that Pagcor will issue the regular casino gaming license upon the project’s completion and subsequent approval of the licensee’s compliance with the implementation plan concerning the actual total project costs.

The project entails the renovation and expansion of Marina Square’s casino, located at the New Coast Hotel Manila. Once finalized, this initiative aims to significantly increase the total gross floor area, targeting at least 250,000 square meters.

The core components of the approved proposal by Pagcor encompass the creation of an upscale hotel with approximately 800 rooms, a state-of-the-art casino, a diverse range of dining establishments, leisure facilities, and shopping arcades.

To ensure the project’s successful completion, International Entertainment has been mandated to post a performance bond of P100 million within 30 days from Pagcor’s approval of the implementation plan.

This project is seen to elevate the entertainment and gaming landscape in Manila, further establishing the city as a key player in the region’s thriving integrated resort industry.

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